金吾财讯 | 重型机械股集体走弱，截至发稿，中国重汽(03808)跌3.53%，中联重科(01157)跌3.18%，第一拖拉机股份(00038)跌2.84%，铁建装备(01786)跌1.25%。消息面上，东莞证券指出，受外部因素影响，细节设备领域细分板块表现分化。建议关注周期复苏、产品出海、科技发展等投资主线。工程机械方面，3月挖机销量海内外共振，产品出海为核心增长引擎；国内更新替换需求、下游结构持续优化，叠加政策支持，行业景气度将稳步上行。受汇率波动影响，26Q1企业利润端短期承压；随着销量延续增长态势，叠加汇率影响趋缓，预计26H1业绩有望稳健修复。机床方面，行业经历三年下行后，自2025年下半年起订单逐步复苏，2026Q1整体呈现温和复苏态势。与AI相关领域，如液冷，成为核心的增量市场，叠加新能源汽车、风电、工程机械等领域需求稳定，共同驱动行业结构性复苏。
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